Dawson Portfolio Finance 7 Reports $4.95 Billion From 34 Investors, About 35% Above Fund 6's August 2024 Amendment

Dawson Portfolio Finance 7 LP, the seventh fund in Toronto-based Dawson Partners' portfolio finance series, reported $4,948,078,802 sold to 34 investors in a Form D amendment filed November 3, 2026, a year after its first sale. That is about 35% more than the $3,667,974,036 Fund 6's main partnership reported at its August 2024 amendment, and from fewer than half as many investors: 34 against 71. Fund 6's August 2024 filing came about ten months after its first sale, and Fund 7's close to a year after its own. Fund 6's main partnership later reported $6,569,850,202, in July 2025.

What the filings show

Two related vehicles filed the same day: Dawson Portfolio Finance (Offshore) 7 LP reported $949,500,000 from 23 investors and Dawson (Co-Invest) 7 LP $250,100,000 from 3. All three filed original notices on November 5, 2025 with no sales yet, give November 6, 2025 as the date of first sale and list the offering amount as indefinite. The main and co-invest partnerships are Delaware limited partnerships and the offshore vehicle is an Ontario limited partnership, all based in Toronto and filed as private equity funds under Rule 506(b) and Section 3(c)(7). Related persons are Dawson Partners 7 GP Inc., Dawson Partners Inc. and Yann Robard.

Each notice reports $202,500 of sales commissions, marked as an estimate, and Item 15 explains it: the amount is "the aggregate amount of retainer fees paid in connection with the offering of limited partner interests in the Issuer as well as its feeder and parallel funds" (the offshore notice says its master and parallel funds). It is one aggregate figure repeated on each notice, not three payments. Item 16 says the general partner's priority profit share and an affiliate's performance allocation are set out in the confidential offering materials.

Unlike Valor's Fund VII partnerships, which report one aggregate, the three Dawson vehicles report different amounts. Fund 6 and Fund 7, vehicle by vehicle:

What the filings do not show

A Form D reports interests sold, generally commitments for a fund of this kind, and does not state a target, a hard cap or whether the fund has closed. The offshore notice refers to a master fund and the main notice to feeder funds, but neither says whether the offshore vehicle's $949.5 million is invested through, and counted in, the main partnership's figure, so a total across the three may count some money twice. The investor counts are per vehicle and the notices do not describe the investors.